Christchurch Airport records half-year profit

CIAL Chief Executive Jim Boult says though the net profit after
tax is 7.5 per cent down on the previous half year, earnings before
interest costs, tax depreciation and amortisation ("EBITDA") - the
company's key operational financial performance measure - at
$33.1m, was 5.2% ahead of the same period last year.

Total revenue for the six months to December 2012, at $59.6m,
was 7.9% ahead of the same period a year earlier. This was a result
of increased property and commercial revenues, with aeronautical
revenue showing minimal growth (0.7%) as compared to the same
period last year, as a result of lower passenger numbers.

"The six months to December 2012 saw fewer passenger movements
over the same period last year," Mr Boult says. "The loss of
a significant portion of Christchurch's hotel accommodation, the
Convention Centre and many sporting facilities continues to have a
significant effect on passenger throughput, particularly for
conference activity and for larger tour groups."

Total passenger numbers for the period reflect a 2.3% drop on
the same period last year. International passenger movements were
7.9% behind the same period last year, whilst domestic passenger
movements were only 0.4% behind last year.

Non-Aeronautical revenue of $38.8m was $4.2m (12.2%) ahead of
last year. This includes a full six months trading for the
International Antarctic Centre, as compared to only one month for
the comparative period.

The other main driver for the increase in non-aeronautical
revenue was increased property rental income arising from new
developments in Dakota Park and other additions to the overall
lease portfolio (e.g. McDonalds).